胜券在握,总理开启改革之路

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1、UPDATE1-Scalpelinhand,ChinesePremierListirsreformhopesByKohGuiQingBEIJING,June26(Reuters)-InvestorsgettingstungbyChina'sworstfinancialmarketroutinyearsshouldfindsolaceinthefactthatthegovernment,inparticularPremierLiKeqiang,iswillingtoplayhardballtoforcethroughmuch-neededpolicychange.Thecentralban

2、k'srefusaltointervenelastweektoeaseanunprecedentedcashcrunch,whereinterestratesintheinterbankmarketshotashighas30percent,wastheclearestsignyetthatChina'snewleadersarewillingtostomacheconomicpainforthelong-termgood.ThePeople'sBankofChina(PBoC)takesitscuefromthegovernmentunderChina'scommunistsystem

3、.Ithasallowedinterestratestostayhightoslowrunawaycreditgrowthandtopunishbanksforrecklesspracticesthatincludeusingshort-termfundingforlong-termlending.Inacountrywhere30yearsofdouble-digiteconomicexpansionhascreatedacultureofprizinggrowthaboveallelse,Beijing'sdecisiontoletthemoneymarketseizeupevena

4、ttheriskofchokingChina'sslowingeconomyisamilestone."Clearlywearenowinadifferentballgame,"saidLouisKuijs,aneconomistwithRBSinHongKong."Eventhoughpeoplearereducingtheir(economic)forecasts,thegovernmentiscomfortablewithapolicystancethatemphasisesreform."SHOCKANDAWEAccustomedtoChina'spreviousgovernme

5、ntwhereleadersbentoverbackwardstoproducestellarratesofgrowth,Beijing'snewstancehasshockedinvestors.China'sstockmarketdivedto4-1/2-yearlowsonTuesdayasinvestorsworriedthatsteepmoneymarketrates,byraisingthecostofborrowing,mightbeadefactotighteningofmonetarypolicythatcouldstifleinvestmentandconsumpti

6、on.Someinvestorssaidthecentralbank'sbrinkmanshipcouldbackfireifittriggeredabankingcrisis.OtherslaudedPremierLi'stacticsastoughlovethatcouldgirdChinaforotherchallengingeconomicreformssuchasfurtherslimmingdowngiantstatefirmstomakethemmoreefficient.LitookofficeinMarch,alongwithPresidentXiJinping.Asp

7、remier,Liisresponsibleformanagingtheeconomy.HisgritisreminiscentofformerPremierZhuRongji,creditedforleadingChina'spreviousroundofmajoreconomicreformsinthelate1990swhenhesackedmorethan50millionworkersatstatefirmstotrimt